Master Accountants

It is our objective is to work closely with you to ensure you pay the least amount tax within the laws. We will help you to understand the tax implications of different options, in order that you can plan ahead and conduct your affairs in a tax efficient way.

Individual Tax Filing and Planning

We have the expertise to take the headache out of planning and preparing your family tax returns. We can provide you with practical advice on personal tax and the planning opportunities available to you. We believe all taxpayers regardless of the complexity of their situation or their level income must seek professional tax advice to minimize their tax liability while making sure of their total compliance with the CRA changing policies.

Corporate Tax Filing and Planning

By law it is the responsibility of the corporation management to determine and report its tax liability. In consideration of ever changing laws and regulations and in light of the complexity of the tax laws we understand the issues facing corporate management. It is with this understanding that we plan and prepare corporate tax returns.

The increased reporting obligations, investigation policies on the part of the tax authorities and harsh penalties for non-compliance mean corporate tax planning and preparation should be outsourced to professional accountants and advisors. We will help minimize corporate tax exposure and relieve the administrative burden of compliance with current tax legislation.

To manage your business whether it is a sole-proprietorship with you as its sole employee, or it is a corporation with many employees, you need information to manage it well. Bookkeeping is more than just a time-consuming administrative task; it is the business compass without which it is like walking in the dark. We believe accurate, high-quality bookkeeping is the foundation of any successful business.

As every business is unique, in recognition, we as a matter of policy customize our services to meet the unique aspects of your business, from payroll administration to budgeting, financial statement preparation, and analysis, job costing and project reporting.

We keep up with the latest technological advancements in our industry and leverage it to maximize the efficiency of the services we provide. By leveraging technology, we can provide our services at fixed and affordable prices.

We work with a variety of software platforms, including QuickBooks Desktop and QuickBooks Online, Xero, Sage One. We also offer a paperless environment for the exchange of documents, data and information.

At Master Accountants, our payroll services are comprehensive covering all and every aspect of payroll administration. All you need to do is to provide payroll information for each pay period

Payroll information includes particulars of new and departing employees, hours worked, and other related information. We customize our payroll solutions to meet your specific business needs. We can also assist you in implementing a reliable, efficient, and effective payroll system that is right for you. Our firm can also prepare all necessary payroll tax returns in compliance with the legal requirements.

Managing payroll may not seem like a critical task until something goes wrong. It can be time-consuming, but, more importantly, it requires a good knowledge of the tax laws and CRA regulations as well as relating provincial laws and regulations. In addition to preparing paychecks and paycheck stubs, a professional payroll service completes the payroll process which includes preparation and filing of payroll returns federally and provincially as well as keeping account of and timely payment of payroll taxes. The illustration below shows the process in preparation of each pay period information. Preparation and filling of T4s and T4 summary and reconciliation of same to financial records is also part and parcel of payroll administration.

As small but growing business most often you come up with methods and procedures on the fly. While such methods and procedures have generally worked well over the years, but there are good reasons to assess their suitability today when the business is considerably larger.

The chances are that you haven’t had the time to objectively look at your business System of Internal Control to make sure they are effective in safeguarding the assets of the business while ensuring the reliability of its records. Similarly, it is also likely that the Standard Operating Procedures have not been reviewed to make sure that, among other things, tasks are performed in a pre-determined fashion where certain tasks by one person is complementary to the work performed by another. It is also likely that you have not had the occasion to critically assess the competitiveness of your pricing policies. As business consultants, we objectively review methods, structures, procedures, and policies to make sure they are adequate in achieving business known objectives.

Our consulting services are governed by short-term service agreements unless circumstance otherwise warrant. Under a short-term service agreement we undertake to propose concrete solutions for the subject matter and on approval take steps to implement the proposed solutions within the term of the agreement. Our consulting services can be priced on the time spent basis or on a fixed basis over a fixed term.